CTP payments in Azerbaijan increase over 3.5 times

Baku, Azerbaijan, Jan.7

By Abbas Akhundov - Trend:

Payments were made on 18,477 claims on compulsory insurance of civil liability of vehicle owners (CTP) in Azerbaijan to the sum of 25.3 million manat in 2013. Some 738 claims are under consideration, Compulsory Insurance Bureau of Azerbaijan (ISB) said on Jan.7.

The table reflects data (in accordance with the type of damage) on the number and amount of insurance payments under requirements exposed to insurers:

Damage to motor vehicle

Damage to property

Damage to health

In connection with the death of a person

Total

Quantity

Sum

Quantity

Sum

Quantity

Sum

Quantity

Sum

Quantity

Sum

17,363

23,403,167

553

822,079

398

443,934

133

661,000

18,447

25,330,180

The volume of payments in 2013 exceeded the volumes of 2012 by 3.7 times.

The Compulsory Insurance Bureau includes 12 companies: Paşa Sığorta, Atəşgah Sığorta Şirkəti, Standard Insurance Sığorta Şirkəti, AtaSığorta, Xalq Sığorta, AXA MBASK Sığorta Şirkəti, AZSIĞORTA, Alfa Sığorta, "Azərsığorta" State Commercial Insurance Company, Meqa Sığorta, İpək Yolu Sığorta и Azərbaycan Sənaye Sığorta.

After the law 'On compulsory insurance' came into force in December 2011, the basic cost of an insurance policy on CTP amounts to 50 manat and is used in regard to cars with an engine capacity of up to 1500 cubic centimeters. With the increasing volume of the engine (from 1,500 to 5,000 cubic centimeters), coefficients from 1.5 to five are added up to the cost. Coefficient five is used for cars with an engine capacity of over 5,000 cubic centimeters.

Previously, insurance premium for all passenger cars was 10 manat.

The contract with the owners of vehicles registered abroad and imported to Azerbaijan for transit purposes was signed for a period of one month, and the insurance amount equals 25 percent of the annual premium for the vehicle.

The official exchange rate on Jan.7 is 0.7845 AZN/USD.

Translated by L.Z.

Edited by C.N.

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